snowpega (OP)
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September 27, 2023, 02:10:21 PM Merited by fillippone (1) |
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How Bitcoin Can play its role to overcome the Financial Crises
Introduction:In this Topic, I will try my best to cover some advantages like how BTC playing its important role in the era of Financial Crises. Financial crises can be giving hard times for economies, where plebs have to live hand to mouth but what the negative point here these people have lack of education About Bitcoin like their pro’s and con’s and leaving people and organizations in searching of their stability and safety. In this modern era of digital world, Bitcoin is putting an important effort as a game-changer, where most of the poor people getting help from Bitcoin during their financial crises. So, Let's try to explore Somehow Bitcoin is becoming a key player in these hard situations of financial crises. Bitcoin's Special Feature as a decentralized Currency:How BTC playing its role as a decentralized currency? Just Imagine if real money wasn't controlled by the government or any big organization of country this imagination relates very well with Bitcoin Currency. So, there is not control of any government or big institutions over Bitcoin currency, this is why Bitcoin known as decentralized and trusted currency which makes it a Good and trusted choice when traditional money is in risk. That is how both are different from each other. You can also read this blog if you want to have more idea about decentralization and centralization and their pros and cons. Centralization and decentralization Safe and trusted Digital Asset:Why People used to call Bitcoin In sense of "digital gold?" Because whenever regular money gets non-trustable like it drops its value, on the other hand Bitcoin can be a safe currency place to keep your funds in the form of asset. It's limited in supply, which makes it feel stable. It also makes it value depend on the market sentiments. Like people can set their goal in this field after adopting it. They just need to focus and set clear goals weather they want to enter in this field as trader of holder. I suggest newbies when they enter in this field start from holding some assets and try to know different techniques from seniors. After that they should take positive action. Easy way to Send Money Across Borders:During financial crises, where plebs live hand to mouth from those, some of the people rely on money sent by their family members working in other countries and doing work in BTC and earn from it they are supporting their family members all across the border adopting transaction the form of cryptocurrency. Bitcoin is one of the great example for this because it's a quick and low-cost way to send money across borders, instead of traditional money although we know regular banks aren't working so well. Easy to get access to the money services:In some places, the regular money system isn't reliable so far as bitcoin. But even during the financial crises, people want to get access to basic money services easily. Bitcoin can help out through all the way for making transaction at low cost from here to there easily because all time availability on the internet and through smartphones makes it more important which making it easier for more people to get the financial help throughout the internet whenever they need help or support from their family members. Blockchain technology Making Things Transparent and Honest:We need to Know how blockchain making transection honest and transparent. So, let’s just Imagine if each of our financial transaction was recorded for everyone to see like where is money actually coming from and where it is going, and then no one could be able to make any changes in it after transaction has been done. That's what Bitcoin's technology or blockchain technology called. It helps keep things honest and transparent during financial crises, like making sure that relief money goes where it's supposed to which is thing very positive point. Like no one can do scam with your money until you make any false transaction from your side. Easy way for securing you money: When there's a financial crisis or thing get tough, people might want to move their funds somewhere safer so that they can feel relaxed and easy. Adopting Bitcoin and moves their fund into digital world makes it easy because it doesn't care about borders which mean everyone can move their fund into the bitcoin in the form of their secured assets. It lets you move your money quickly and privately where no one has any kind of hold on it due to its decentralization benefit. Conclusion:Bitcoin is becoming one of the safest and important technique during financial crises in this modern era. It is helping to provide stability, honesty, and financial freedom to people funds where no other one has any access to their assets, even though Bitcoin also has some challenges like price fluctuation. So, it is obvious that Bitcoin is changing and getting most adoptable day by day like how we deal with financial crises in this time. As we know how uncertain financial times around the world happening, we need to pay attention like how Bitcoin can help us to overcome in the financial crises and tough time. It's not all about making it a trend somehow, it's a big rotate that we all need to think about and adapt to by giving it time and having knowledge, spreading knowledge about it. So, what we need to do? We have to give our time to this field to overcome our financial crises. The key is that how much we give our time to this field we learn that much about it.
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pinggoki
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September 27, 2023, 02:25:35 PM |
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It's not that easy to send anymore because most of the time, you're still going to convert your bitcoins to cash anyway and with more people aware of bitcoin as a means to make money, I think that taxation of bitcoin sent across borders will be an inevitable thing to happen. But you're right it's definitely a good thing compared to the alternatives. Regarding safety of funds, that still depends on how you secure it, if you're lackadaisical about your security and just store your bitcoin in an exchange like Binance or in any wallet where you don't have the keys to the wallet then you've got the most flimsiest of security in your coins.
I don't think bitcoin alone would be enough to save you from a financial crisis, remember that there's going to more things happening around during a financial crisis, if you don't have a large or colossal bitcoin nest egg, then you're going to still feel the pains of financial crisis because you're going to need a job which is lacking when there's a financial crisis.
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Sophokles
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September 27, 2023, 03:09:27 PM |
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Bitcoin has become a safe haven for some countries resident to fight high inflaction. People from venezuela, argentina, lebanon uses bitcoin to send money to their friends and families in times of financial crisis in those countries. Cross border payments is a great usecase that bitcoin has till your government figure it our and impose high taxation for such transaction.
However there are many ways in which bitcoin can asist you fight financial crisis. It's not widely accepted in global market so use it in local business where banking sector is in crisis can be great idea.
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kryptqnick
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September 27, 2023, 03:28:30 PM |
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Since the creation of Bitcoin, there hasn't technically been a global economic crisis, so it's still unknown how it would perform. It did bounce back pretty fast after the pandemic announcement and the initial major drop, and it's sometimes actively used in countries suffering from particularly high inflation, but that's not enough. The main points about the features of Bitcoin and how they can be useful are true, but how people actually behave in an economic crisis can be very different, as people aren't actually always rational beings who assess all the pros and cons before making decisions that best serve their interests.
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tbct_mt2
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September 27, 2023, 03:38:50 PM |
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How Bitcoin Can play its role to overcome the Financial Crises
Bitcoin can help you individually but it can not help a nation to overcome a big financial crisis or a global economic recession. At a personal scale, it is easy to improve your financial status but at a national scale, it's harder and you can not make big changes with only one factor like Bitcoin. A nation has many components to make up its economy, society and a lot of other components which all interact with each other. Bitcoin can not change all of those components and can not improve a whole nation economy and finance as the only decisive component. To change, a nation need more than Bitcoin and if it has only Bitcoin, it is an impossible mission for Bitcoin to change that nation.
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snowpega (OP)
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September 27, 2023, 07:42:02 PM |
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Bitcoin can help you individually but it can not help a nation to overcome a big financial crisis or a global economic recession.
At a personal scale, it is easy to improve your financial status but at a national scale, it's harder and you can not make big changes with only one factor like Bitcoin. A nation has many components to make up its economy, society and a lot of other components which all interact with each other. Bitcoin can not change all of those components and can not improve a whole nation economy and finance as the only decisive component.
To change, a nation need more than Bitcoin and if it has only Bitcoin, it is an impossible mission for Bitcoin to change that nation.
I do agree with you buddy, what if i say diversification of portfolio can help a lot like if most of the people starts doing multi-investment and run multi-business at the same time to increase their portfolio. It can help alot to overcome the financial crises and notional level crises as well because each person will be giving his best at the end of the day to overcome their own crises. if i'm not wrong i can give example of Elon musk like he is running mutli-compines to diversify his portfolio. if we look at his starting point like from where he started his journey. He started from some but not really some and know he is the richest person of the world. Because he started diversification of his portfolio to run multi-business at the same time.
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BVeyron
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September 27, 2023, 08:27:58 PM |
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How Bitcoin Can play its role to overcome the Financial Crises
Conclusion:Bitcoin is becoming one of the safest and important technique during financial crises in this modern era. It is helping to provide stability, honesty, and financial freedom to people funds where no other one has any access to their assets, even though Bitcoin also has some challenges like price fluctuation. So, it is obvious that Bitcoin is changing and getting most adoptable day by day like how we deal with financial crises in this time. As we know how uncertain financial times around the world happening, we need to pay attention like how Bitcoin can help us to overcome in the financial crises and tough time. It's not all about making it a trend somehow, it's a big rotate that we all need to think about and adapt to by giving it time and having knowledge, spreading knowledge about it. So, what we need to do? We have to give our time to this field to overcome our financial crises. The key is that how much we give our time to this field we learn that much about it. Actually on of the main features of btc is that the overall amount is limited. It makes btc eesistant to inflation. However, this feature can save btc value only if the inflation is caused by excess money printing, while other causes which lead to excess amount of money in the financial system are present in cryptocurrencies too. First of all, it's the control of money value by tycoons and global banks: they can launch and stop inflation without printing money, just by releasing some little parts of their assets. If the overall fintech system moves to limited amount of money, this type of inflation will remain possible.
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Silberman
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September 28, 2023, 03:59:01 AM |
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Since the creation of Bitcoin, there hasn't technically been a global economic crisis, so it's still unknown how it would perform. It did bounce back pretty fast after the pandemic announcement and the initial major drop, and it's sometimes actively used in countries suffering from particularly high inflation, but that's not enough. The main points about the features of Bitcoin and how they can be useful are true, but how people actually behave in an economic crisis can be very different, as people aren't actually always rational beings who assess all the pros and cons before making decisions that best serve their interests.
It is true that bitcoin has not been tested as thoroughly as what is needed so we can confidently say it will do well during a worldwide economic crisis, but I think it gave good enough signals during the crisis caused by the pandemic, so even if I think the price of bitcoin could suffer greatly if the dollar began to show signs of weakness, at the same time eventually people would realize that what they need the most under that scenario is a currency that allows them to avoid the upcoming fallout, and bitcoin will be a good candidate to do this.
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yhiaali3
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September 28, 2023, 04:31:47 AM |
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Yes, I am also of the opinion that Bitcoin would be very helpful at the individual level, but at the country level I do not think this is possible at the present time. We have the example of El Salvador and the Central African Republic, where Bitcoin did not help improve the economy after its official adoption.
Bitcoin is very helpful for people in getting rid of their financial crises and transferring money across borders easily because of its decentralization and unique features, but this is the same reason that makes it rejected by governments. Governments never want to make money available in a decentralized way so that it can be obtained easily and can be transferred across borders easily. simply... They want everything under their control so Bitcoin is not useful to them.
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tbct_mt2
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September 28, 2023, 04:33:18 AM |
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I do agree with you buddy, what if i say diversification of portfolio can help a lot like if most of the people starts doing multi-investment and run multi-business at the same time to increase their portfolio. It can help alot to overcome the financial crises and notional level crises as well because each person will be giving his best at the end of the day to overcome their own crises.
Diversifying is a basic rule but does it work for you, help you to grow your portfolio value or does it kill you, it depends on what you choose to diversify your portfolio. If you diversify your capital into altcoins which have different categories with different risk levels, you are making bad choice. Altcoins can have big growths but are you sure what you pick for diversification will help you get profit or it will die like thousand of altcoins in history. If projects you invest in die, your portfolio diversification is bad. if i'm not wrong i can give example of Elon musk like he is running mutli-compines to diversify his portfolio. if we look at his starting point like from where he started his journey. He started from some but not really some and know he is the richest person of the world. Because he started diversification of his portfolio to run multi-business at the same time.
I don't think he does it to diversify his wealth. He works like a workaholic man and want to achieve big things for his ambitious targets. He is rich but I think at his level, he minds more about what he can contribute to the world, human civilization rather than trying to get richer.
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YUriy1991
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September 28, 2023, 04:39:05 AM |
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In my opinion firstly, as BTC is gradually being accepted as an asset class, more and more institutional money is coming into the sector and having long futures positions is one way to do that. Secondly asset market price changes are inevitable in a bubble as expectations regarding the outlook change and many will look to sell bitcoin at breakeven and once this resistance is broken.
In short, if we trade, then we are ready to take profits or losses, but if we hold on and be patient until the time limit Bitcoin can play its role in overcoming your financial crisis by itself.
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AimHigh
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September 28, 2023, 06:38:01 AM |
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In my opinion that bitcoin seen as a potential hedge against traditional financial crisis just like decentralization that bitcoin operates the network decentralization, it means it's not controlled by single entity. This can be provide a level of financial autonomy and security during times of economic when traditional financial systems may be unstable.
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davis196
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September 28, 2023, 06:42:31 AM |
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OP, you are repeating things that were repeated over and over again in the forum for the last 10 years. Bitcoin is decentralized and borderless. Well, good morning Captain Obvious! ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Would you mind trying to add something new to the discussion? Are you completely sure that Bitcoin won't get hit by a big financial crisis, just like all the other financial assets? Do you really think that the Bitcoin price could grow, when the prices of all other assets and commodities are falling down? I can't deny that BTC is really useful, but I don't think that Bitcoin is a panacea to all financial problems and all "financial crises". Is "crises" even a word? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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D ltr
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September 28, 2023, 06:45:32 AM |
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I think bitcoin is only for managing personal finances but not recommended for the country But it cannot be denied that with Bitcoin, sending money across countries is easier and let me emphasize a little that crisis is just a word
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Poker Player
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September 28, 2023, 07:01:27 AM |
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OP, you are repeating things that were repeated over and over again in the forum for the last 10 years. .... Are you completely sure that Bitcoin won't get hit by a big financial crisis, just like all the other financial assets? Do you really think that the Bitcoin price could grow, when the prices of all other assets and commodities are falling down? I can't deny that BTC is really useful, but I don't think that Bitcoin is a panacea to all financial problems and all "financial crises". ...
This is the point I have been making lately. Bitcoin's history is very short and it was born when the 2008 crisis began to recover, with 0 rates. It has not experienced a major crisis since then and in those that have occurred, such as the COVID and inflation with rising rates, it has reacted poorly. So, I am not so sure that if we get into a crisis like 2008 or the crash of 29, Bitcoin will go up while everything else goes down. What I do believe is that if, as a consequence of the crisis, rates are lowered, when the Bitcoin starts to recover, it will probably be the asset that will rise the strongest.
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pooya87
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September 28, 2023, 07:12:38 AM Merited by MusaMohamed (1) |
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In a financial crisis you'll face higher prices (inflation) while your income isn't rising or you get fired (recession) as we've seen over the past year specially in Europe. Bitcoin can not really help either of these specially since bitcoin price itself is quite volatile and has been affected by the recession itself. The only thing that bitcoin may help with is to provide you with some extra income, whether you are trading bitcoin or doing additional jobs to get paid in it. But the trading part is risky and the jobs are mostly low paying.
The rest of the things you said about Bitcoin are characteristics of it that are good on their own but they aren't really helping people during the financial crisis.
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fuguebtc
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September 28, 2023, 07:58:25 AM |
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I completely agree with the characteristics you mentioned about bitcoin. But frankly, how will bitcoin help the world overcome the crisis while it itself is still being negatively affected by the crisis? Do you remember times of high inflation, high interest rates or any huge bad news from war also made bitcoin volatile? Bitcoin is even affected by news and events of the world economy, how can it be said that it will take on the role of overcoming the crisis?
Bitcoin is a volatile investment, and whether you can profit from it to get you through a crisis or make you worse off depends on your knowledge and skills. Bitcoin does not guarantee you anything, you are responsible for your life.
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Dunamisx
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September 28, 2023, 09:18:54 AM |
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Much about bitcoin had already been done, it's our own role left for us to take every opportunity we see through this digital currency to have the best results and profitability through it adoption, how we engage the use of bitcoin in our daily activities also will determine the benefits it will serve us, if we are using bitcoin most in our financial economy, it will help us to evade the negative consequences of economic inflation towards our financial assets whereby it value decreases with fiat while bitcoin will help retain and maintain the economical value of our money when we invested.
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tabas
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September 28, 2023, 10:18:48 AM |
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Conclusion:
Bitcoin is becoming one of the safest and important technique during financial crises in this modern era. It is helping to provide stability, honesty, and financial freedom to people funds where no other one has any access to their assets, even though Bitcoin also has some challenges like price fluctuation. So, it is obvious that Bitcoin is changing and getting most adoptable day by day like how we deal with financial crises in this time. As we know how uncertain financial times around the world happening, we need to pay attention like how Bitcoin can help us to overcome in the financial crises and tough time. It's not all about making it a trend somehow, it's a big rotate that we all need to think about and adapt to by giving it time and having knowledge, spreading knowledge about it.
Don't forget that it was also made during the financial crisis on 2008. And like what has happened these past few years, we've been experiencing crisis left and right and not just financial crisis but a global trend. So, what we need to do? We have to give our time to this field to overcome our financial crises. The key is that how much we give our time to this field we learn that much about it.
And not just time but the money that we're investing on it, it could be from our savings or from other assets, investments and businesses that we have. Bitcoin is a volatile investment, and whether you can profit from it to get you through a crisis or make you worse off depends on your knowledge and skills. Bitcoin does not guarantee you anything, you are responsible for your life.
This is true, it just so happen that those who believed Bitcoin and took risk out of their pockets can be said to be knowledgeable investors. Because they/we know something that others don't and that's why we're moving forward on it and still holds no matter what bad news comes out.
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Z-tight
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September 28, 2023, 10:31:52 AM |
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You're talking about poor people and how BTC can help them, take note that BTC is also a currency, so if they were poor and couldn't get fiat for themselves, why do you think they will be able to earn BTC's. There are too many threads talking about what BTC cannot do, it would be great if more users started threads on useful things about BTC and on things that can actually be influenced by BTC.
BTC is not going to save you in a financial crisis, and your advise to people who are poor should be for them to find a way to better their lives and earn more money, they could get more jobs or learn new skills, people who are poor and struggling don't think about BTC, but for what to eat and how to pay their bills or pay off debts.
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